The Security Deposit confirms the Buyer’s intention to reserve a specific apartment and proceed with the purchase transaction. During the reservation period, the apartment is not offered to other parties. 

Yes. Upon signing the Purchase Agreement, the Security Deposit is credited toward partial payment of the Purchase Price. The same applies to any pre-reservation payment, if made. 

The Reservation Agreement does not provide for an automatic refund of the Security Deposit if financing is not granted by the bank. We recommend evaluating financing options as early as possible. In individual cases, alternative solutions may be discussed separately. 

The form of the Purchase Agreement may be refined to ensure compliance with applicable laws and regulations, bank requirements, or technical aspects identified during the project development. 
At the same time, the essential terms of the transaction are already set out in the Reservation Agreement. 

The keys and possession of the apartment are transferred after the Buyer’s ownership rights have been registered in the Land Register and the Handover and Acceptance Deed has been signed. 

Yes. Apartment owners are required to participate in the building management and maintenance system; therefore, a property management agreement is concluded simultaneously with the Purchase Agreement. 

To finance the development or construction of the project, the Developer may obtain bank financing, in which case a mortgage may be registered over the project or individual apartment properties in favour of the financing institution. This is standard practice in real estate development financing. 

At the time the Buyer’s ownership rights are registered, the respective apartment property is released from the Developer’s obligations toward the financing bank, and all necessary actions are taken to discharge the mortgage and any other encumbrances related to the Developer’s financing. 

If the Buyer uses mortgage financing to purchase the apartment, a mortgage in favour of the Buyer’s financing bank will be registered on the apartment following registration of ownership rights in the Land Register and will remain in force until the loan obligations have been fully fulfilled. 

The escrow account ensures a secure settlement procedure between the Buyer, the Seller, and the bank, as well as a mechanism for the discharge of the mortgage. 

The Buyer covers the costs associated with opening and maintaining the escrow account in accordance with the bank’s pricing policy. 

In addition to the Purchase Price, the Buyer is responsible for: 

• Land Register state fees;  

• notary fees;  

• bank commissions;  

• escrow account costs;  

• mortgage registration costs, if bank financing is used.  

In accordance with the laws and regulations of the Republic of Latvia, the Seller is required to comply with anti-money laundering and prevention of illicit financial activities requirements in real estate transactions. 

Construction timelines may also be affected by circumstances beyond the Seller’s control, such as institutional approvals, utility connection works, or supply chain delays. In the event of a delay, the Seller will inform the Buyer about the status and the updated expected completion timeline. 

The timeframe specified in the agreement is intended to distinguish short-term, objectively possible construction delays from material non-performance of the project. Various circumstances beyond the Developer’s control may arise during construction and affect completion timelines. 
At the same time, the Seller’s objective is to complete the project as promptly as possible and adhere to the originally planned schedule. 

During this period, the agreement provides that the Buyer shall not raise claims for termination of the agreement or compensation for damages, as such a timeframe is considered a reasonable contingency reserve in the construction industry for potential technical or administrative delays. This does not mean that the project is not progressing — the Seller remains obligated to continue construction and keep the Buyer informed regarding the project status. 

The timeframe specified in the agreement is intended to distinguish short-term, objectively possible construction delays from material non-performance of the project. At the same time, the Seller’s objective remains to complete the project as efficiently and promptly as possible. 

Yes. The apartment area is finalized after the building has been commissioned, based on construction documentation and as-built measurements. Minor variations during the construction process are possible and are considered standard practice. 

In such case, the Parties shall agree on an adjustment of the Purchase Price, or either Party shall have the right to withdraw from the agreement. 

Minor changes may be necessary due to technical requirements or regulatory compliance. In such cases, the Seller will inform the Buyer about the changes. 

If specific materials become unavailable for objective reasons, they may be replaced with materials of equivalent quality and characteristics. 

The Buyer acquires usage rights to a designated outdoor parking space rather than separate ownership rights. These rights are registered in the Land Register and governed by the shared property usage arrangements. 

Yes. Prior to signing the Purchase Agreement, an apartment inspection is organized and, if necessary, an Inspection Report is prepared. 

Any identified defects are recorded in the Inspection Report, and the Seller undertakes to remedy them within the warranty or handover process. 

Yes. Scratches, scuffs, and other visual defects must be identified during the inspection and recorded in the Inspection Report. 

If minor defects or deficiencies are identified during the inspection, they are recorded in the Inspection Report and remedied by the Seller. This does not constitute grounds for refusing to sign the Purchase Agreement. 
However, in the case of material defects that substantially limit the use of the apartment, the Buyer is entitled to act in accordance with the terms of the agreement. 

A 5-year warranty is provided for construction works from the date the building is commissioned. Finishing works and materials are covered by a 2-year warranty. Certain equipment may also be subject to the manufacturer’s warranty. 

Following identification of a defect, the Buyer must notify the Seller in writing as soon as reasonably possible so that the Seller may inspect and arrange remediation of the defect. 

In general, document circulation is organized electronically, including apartment as-built documentation, operating instructions, and other technical documentation. In certain cases, documents may also be provided in paper form upon request or by mutual agreement of the Parties. 

These regulations govern the use of common areas, territory, parking spaces, and other parts of the shared property and are binding upon all apartment owners. 

Property management costs are determined closer to the commissioning of the project, as they depend on the actual costs of maintaining the building, engineering systems, and surrounding territory.